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Sources of Financing
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Sources of FinancingL.J. Melody & Company (949-797-1100) arranged $170 million in financing for the Glendale Galleria in Glendale, CA. The 1.45 million sq.ft. center is anchored by Macy’s, J.C. Penney, Robinsons-May, Nordstroms and Mervyn’s. Deutsche Bank provided the financing.
R.V.I. Guaranty Company, Ltd. (212-553-1653) has received an A2 ("Good") rating from Moody’s Investor Services. The group specializes in residual value insurance for commercial real estate properties. The company also carries an A rating from Standard & Poor’s and an A+ rating from Fitch.
Martin Capital Group (270-354-6394) offers competitively-priced small commercial mortgage loans from $500,000 to $3 million. Rates range from approximately 7.5% to 8.5%. Terms of 10 year fixed rate balloon with 25-year amortization are typical, but a 30-year amortization schedule may be available for anchored retail. The small loan program is designed to limit third party costs and legal fees to pass along the savings. The company also offers standard commercial mortgages from $3 million to $30 million. Commercial realtor referrals are welcomed as are portfolio transactions. For more information look to the company web site at www.martin-capital.com.
JDI Realty (312-782-4550) specializes in complicated and time-sensitive real estate bridge loans. The company can close in as little as one week. Loan amounts range from $1 million to $15 million and terms of one to four years are typical. Rates are offered between 12% and 17% with a 2% to 5% loan fee. Amortization is general interest only but all property types are considered. Loan to value will not exceed 80% and brokers are welcomed and protected.
Captec Financial Group, Inc. (800-522-7832) provided $18.955 million in acquisition financing to Southern River Restaurants for the purchase of 13 Applebee’s units in LA.
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